Ads 468x60px

Wednesday, November 8, 2017

7 Simple Ways to Stop Impulse Buying

It’s easy to curb those spending desires when you know how. 8 out of 10 of us are prone to impulse buying. And half of shoppers spend more than $100 when making an impulse purchase. With these kinds of numbers involved, it doesn’t take much for one ‘bargain’ to turn into a damaging habit. If you feel like you’re not entirely in control when it comes to impulse buying there are some very simple ways to stop.

1. Start using the 30-day rule
If you want to make a purchase, then you need to wait 30 days before you do it – introduce this as a rule and you’ll never make another impulse buy again. But it's tough…

2. Put your purchase into context
Sometimes impulse buying succeeds because we don’t really think about the true value of the item. For example, how long would it take you to earn the money to make that purchase at your hourly rate? If you switch your perspective and think about things slightly differently, you might be less enthusiastic about buying at will.

3. Give yourself a budget – and stick to it
If you’re planning to go shopping, then work out exactly what you need to buy and how much you want to spend well in advance of leaving the house. The situations that leave us most vulnerable to impulse buying are those where we are just ‘browsing’ without any clear idea of what the budget is or what we’re there to buy.

4. Limit how much you can spend
Take exactly the right amount of cash with you if you’re going on a shopping trip. Or a credit card preloaded with a limited amount. Leave your major cards at home so that there is no temptation to spend without thinking about how much you can actually afford.

5. Identify your weak spots
Some of us impulse buy on the way home from work. For others, it’s late at night online when you’ve had a glass of wine or two. The first step towards curbing the habit is to identify when you’re at your most vulnerable and then do something about it. Put your laptop or phone away before you open the wine; change your route home from work to avoid the stores where you spend the most. Give yourself the chance to break the habit by keeping out of the way of temptation.

6. Change your habits
Sometimes, all we need to stop impulse purchasing and break a shopping addiction is a different perspective. Try spending a month volunteering with your spare time or donating to charity every time you feel the urge to spend on something you don’t really need. By the end of the month, you might have a new perspective on what you need to live and be far less receptive to the urges that in the past would have had you reaching for your wallet.

7. Set some financial goals
We often waste money on impulse purchases when we could be putting that cash towards something really important. Setting financial goals gives you a target to aim for. Remind yourself how much closer you’ll be to that goal if you don’t make the impulse buy but save the money instead – as a result, the urge to spend could well disappear.

*Read my Disclosure


Post a Comment